Increasing Deficit of the External Trade in Goods

The deficit of the external trade in goods was EUR 923 million in October, the adjusted volume of export and import decreased by same extent by 2.3% compared to September, the Central Statistical Office reports.

In October 2022, the volume of export was 11% and that of import was 7.6% higher than in the same period of the previous year. The deficit was EUR 923 million, the balance deteriorating by EUR 502 million year-on-year. Compared to September, the seasonally and working-day adjusted volume of export and import decreased by the same extent, 2.3%.

In October 2022:
The value of export amounted to EUR 12.5 billion (HUF 5,192 billion), that of import to EUR 13.4 billion (HUF 5,549 billion).

In October 2022 compared to a year earlier:
The value of export increased by 22% and that of import grew by 26% in EUR terms.

According to calendar-adjusted data, the volume of export grew by 10% and that of import by 8.8%.

The balance of external trade in goods deteriorated by EUR 502 million (being EUR 86 million more favourable than the value published in the first estimate).

The HUF price level of the external trade in goods rose by 27% in export and by 35% in import compared to the same month of the previous year. The terms of trade deteriorated by 5.9%. The HUF exchange rate weakened by 16% against the EUR and by 37% against the US dollar.

Calculated at the October 2021 prices, the export of machinery and transport equipment grew by 26% and their import by 17%. Both the export and import volume of road vehicles increased by nearly one-fifth. The export volume of electrical machinery, apparatus and appliances went up by more than one-fifth, their import volume grew by one-fourth compared to the corresponding period of the previous year. The export volume of power generating machinery and equipment rose by nearly 40% and their import volume increased by one-third. The export volume of general industrial machinery and equipment went up by one-sixth and their import volume increased by nearly one-fourth compared to the same period of the previous year. Both the export and import volume of office machines and automatic data processing machines grew by more than a half. The aggregate commodity group of machinery and transport equipment contributed to the turnover increase in both directions by 14 percentage points in exports and by 7.2 percentage points in imports.

The export volume of manufactured goods increased by 0.6% and their import volume grew by 2.2%. The growth in the volume of export side of the trade was mainly influenced by the trade in medicinal and pharmaceutical, while that of imports chemical materials and products, n.e.s as well as in products professional, scientific and controlling instruments. The aggregate commodity group of manufactured goods contributed to the volume growth of total exports by 0.2 percentage points and to the volume growth in total imports by 0.8 percentage points.

The export volume of fuels and electric energy decreased by 30%, their import volume lessened by 15% compared to the same period of the previous year. The main contributor to the decrease on the export side was the petroleum and petroleum products and on the import side was the natural and artificial gas. Fuels and electric energy decreased the growth in total exports by 1.5 percentage points and in total imports by 1.9 percentage points.

The volume of export of food, beverages and tobacco lessened by 12% while the volume of their imports was 12% higher. The volume changes on both sides was mainly driven by the commodity group of cereals and cereal preparations. In addition, the decrease in turnover on the export side was influenced by meat and meat preparations, while the increase on import side was due, among others, to the trade of feeding stuff for animals. The volume change realised by the aggregate commodity group contributed to the decrease in total exports by 0.8 percentage points, while it increased total imports by 0.6 percentage points.